Millions of Americans are facing an unprecedented challenge this fall — trying to remain present and productive at work while helping to educate their kids from a combination of a classroom and the cozy confines of their living rooms.
On top of that, many of these very same parents are feeling the immense pressure to work harder and longer hours with the looming threat of layoffs due to the downturn in the economy. A recent study from DailyPay revealed 33% of employees working remotely are putting in an extra eight hours per week — which adds up to over 400 hours a year.
The isolation. The pressure. The stress.
It’s a recipe for burnout. And Zoom chit-chats just don’t cut it.
So what meaningful benefits can employers give to their staff?
As we pass the several months mark of remote working, we must be mindful of the economic effect that the pandemic has had on working families. For many, a member of their family, who was once counted on to pay bills, has lost their income. This has put yet another strain on the family, especially with many kids learning from home.
One way we can support our employees during this uncertain time is to offer them the benefits of choice and control. And the best part is, this benefit of choice won’t cost the company a dime and the staff will love it.
One impactful area of choice we can offer employees is through a less considered, but significantly impactful place — pay. The antiquated system of waiting two or four weeks to get paid is quickly becoming a relic of the past. The global pandemic spurred many companies to offer an on-demand pay benefit to their employees who couldn’t wait for payday to buy potential life-saving supplies, from hand sanitizer to medicine. With this new benefit, employees have a choice to access their earned pay as they need it and total control over their household finances.
Now, with kids learning from home (at least part time) and work-related stress soaring, the last thing our valued staff members need is another thing to keep them up at night. Research shows that for employees, having access to their pay, when they need it, is proven to lower money-related stress while giving them the financial flexibility they are craving.
For working parents, this means they now have control and can make financial choices that are best for themselves and their families, whether they need access to their money for childcare costs, school supplies or a technology upgrade for the home. It’s all about the benefit choice. In fact, nearly one in three people say they have already, or plan to use DailyPay to pay for their students’ school supplies.
And choice can only strengthen the bond between employer and employee and further the sense of loyalty to one another. When you feel valued and appreciated at work, your anxiety is lowered and productivity rises. In fact, 74% of DailyPay users say having access to their earned income makes them more productive at work.
The challenge of remote working while helping to educate your kids seems insurmountable. But working parents have always risen in the face of any obstacles that are in their way to succeed. Now we have a chance to lighten their stress load by giving them the freedom to control their own payday.
